Swiggy raises $100 million in funding round led by Naspers
ON THE MENU Food delivery startup to introduce host of new products, services BENGALURU:Online
food delivery startup Swiggy on Thursday said it has raised $100 million in a funding round led by South African media company Naspers Ltd. Bundl Technologies Pvt. Ltd, which operates Swiggy, said Chinese e-commerce firm Meituan-Dianping also participated in the Series F funding.
With the new funding, Swiggy plans to introduce a host of new products and services and step up investments in its new supply business line, a company statement said. The new vertical, which was launched in November 2017, will look at collaborating with restaurant partners to plug gaps on the supply side of Swiggy’s marketplace.
Under the new supply vertical, the company launched ‘Swiggy Access’ last November, which helps restaurants to set up cloud kitchens in neighbourhoods where they don’t already operate. The new capital will be used for further expansion of Swiggy Access, the company said.
The company is also upgrading its core technology platform, especially in the areas of machine learning and artificial intelligence. It will look at building a real-time prediction system to improve customer choice and personalisation, and better its speed, volume and efficiency of deliveries.
“As India’s leading food ordering and delivery platform with a network of thousands of restaurants and millions of users, Swiggy has become part of consumers’ everyday lives. We want to continue to bring convenience, choice and reliability to our users as we fulfil our mission of ‘Changing the Way India Eats’,” said Sriharsha Majety, chief executive officer (CEO) of Swiggy.
“With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core,” Majety added.